Catalonia to reject a central bank in favor of cryptocurrency

Catalonia to reject a central bank in favor of cryptocurrency

The small but economically vital Catalonia region of Spain has declared its independence, but Madrid vows to keep the region a part of Spain. While governments and thought leaders around the world line up behind opposing sides, the would-be independent government is looking to use a national cryptocurrency and a Blockchain-based residency system. Join our

The small but economically vital Catalonia region of Spain has declared its independence, but Madrid vows to keep the region a part of Spain. While governments and thought leaders around the world line up behind opposing sides, the would-be independent government is looking to use a national cryptocurrency and a Blockchain-based residency system.Join our telegram channel to get news and analysis of altcoins

According to a local newspaper in Spain, the Catalonian director of the digital office (called SmartCatalonia) has already visited Estonia on a number of occasions in order to understand their digital residency plans. Estonia famously made news when their plan for a national currency was harshly shot down by the European Central Bank President.

National cryptocurrency
While the Blockchain residency program would be the first of its kind in Europe, perhaps the bigger news is that an independent Catalan government would likely not have a central bank, choosing a national cryptocurrency instead. With Russian and Kazakhstan already suggesting national cryptocurrencies, the move would not come as a huge surprise.

Additionally, the Catalonia government has already received the direction of Vitalik Buterin regarding such a platform. Per the source:

“This young Canadian of Russian origin advised them to create an ICO for the virtual residents platform, with an initial offer of currency that would correspond with the financing of a business project for the virtual residents program. In an ICO, a new cryptocurrency…can be financed within the e-Residency ecosystem, something that would help create an economic community that is absolutely independent and outside the regulatory eye of a central bank.”